Ex-San Diego mayor had meteoric rise, crushing fall as $1 billion in casino wagers disclosed

  • Article by: ELLIOT SPAGAT , Associated Press
  • Updated: February 15, 2013 - 9:36 AM
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noogledudesFeb. 15, 1311:04 AM

At least his debt is private whereas Rybak debt on the Vikings stadium is paid for by taxpayers.

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waltereagleFeb. 15, 1311:30 AM

Bad choice in headline. You have to read well into the story to discover her actual losses were around $13 million, which with comps included, is about right for a total of $1 billion in wagers. The losses should have been the focus of the headline with the billion wagered mentioned somewhere in the story. This is how those crazy false stories that Fox News and MSNBC spread get started.

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offtherecordFeb. 15, 1311:42 AM

I wonder what her political affiliation is? It can't be republican because they always put that is a story if it was a republican who committed a crime.

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lawguymnFeb. 15, 1311:56 AM

The story says she was a Democrat: "She was mayor from 1986 to 1992, San Diego's only Democratic leader over a four-decade span."

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dflleftFeb. 15, 1312:26 PM

SHE REALLY ought to be a hero to the hard core left liberals, she "gave" all her money away to help provide more jobs in the various casinos. Too funny that she was a democrat.

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censormaxxFeb. 15, 1312:27 PM

If it were a Republican...the strib would have it prominently featured in paragraph one or the headline. Speaking of fraud...where's the article about Jesse Jackson Jr. Oh, those Democrats love to steal other peoples' money and use it for themselves

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eddie55431Feb. 15, 1312:27 PM

Sounds like she was actually a pretty good poker player. $13M in losses was about a 1.3% hold rate for the casinos if she had $1B in winnings. Casinos in the Midwest use poker programs that hold an average of between 4-6%, so she got a bargain! Obviously, the writer of the article and headline doesn't understand the math of gambling. To lose $100 on a machine that is only holding 1% you would have to play $10,000 in wagers. You would have $9,900 in "winnings", offset by $10,000 in losses = losing $100. The fact that she lost $13M is a large number, but if she was worth $50M she should have been able to sustain that kind of loss rate with income of only 4% on her money. Her gambling was expensive, but there is more to the story about her financial crash than the article states. Then again, it wouldn't be front page news if it had been written logically and truthfully, would it?

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kalimotxoFeb. 15, 1312:35 PM

It's ridiculous that she has to pay taxes on her winnings. If gambling profits are to be taxed, you should either be able to gamble with pre-tax earnings, or deduct your losses on your tax return. Both silly of course; just don't double tax winnings.

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reader2580Feb. 15, 13 3:40 PM

You can deduct gambling losses on your taxes so long as your winnings are as much or more than your losses.

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thehoffersFeb. 15, 13 5:02 PM

If she'd been GOP, they'd have included the fact in the headline, and spent the rest pumping up her evil intentions. Instead, they make a reference to Mit Romney, and spend the article bemoaning the debilitating effects of tumors that arrested her judgement. No double standard here... or targeting American citizens for murder... or what the meaning of "is", is...

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